Constellation Energy cuts outlook; net falls short

AlexanderDavis

LONDON (MarketWatch) -- Constellation Energy Group Inc.
CEGR3, +1.91%
on Wednesday posted a second-quarter net profit of $108 million, or 49 cents a share, vs. $84 million, or 36 cents a share, in the year-ago period. The Baltimore-based company also lowered its financial forecast range by 5 cents to earn between $3.05 and $3.35 a share in 2011, citing outages at its nuclear joint venture and the impact of recent acquisitions. Constellation said it earned 76 cents a share vs. 71 cents after taking out discontinued operations and adjusting for other items. Analysts expected that figure to come in at 83 cents a share, according to a FactSet Research poll. Revenue totaled $3.36 billion vs $3.31 billion a year ago while analysts estimated revenue would hit $3.78 billion.

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